Walcott played 45 minutes with Arsenal's under-21 side in a scoreless draw with Blackburn Rovers in his first game since January when he injured the anterior cruciate ligament in his left knee.
Arsenal's face Hull City in the Premier League on Saturday before they travel to Belgium to play Anderlecht on Wednesday in the UEFA Champions League.
But Walcott will leave it up to Wenger and the Arsenal medical staff to decide if he will be ready to take on Anderlecht, or if he will make his comeback away to Sunderland.
"I think it is important to recover and be a bit patient," he said.
"It is not going to happen straight away, the manager will choose to play me when he wants and we need to manage this well, it is not something that will happen overnight and we have to be patient about where I am going to be playing and when I am back as well."
Walcott added that Arsenal had done everything to help him through this tough time that also saw him miss the World Cup in Brazil.
"It means the world," the England international said.
"I have had so much support right from the start of the injury and throughout.
"It was nice to go out there and kick the ball, I enjoy doing it and it is not just a job but something I enjoy doing.
"I thoroughly missed it and now want to get back fit. It was good tonight and I am very pleased."
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